Hollister v. Commissioner
United States Board of Tax Appeals
Held, that the basis of corporate stock sold is, in accordance with agreement that Helvering v. Gambrill,313 U.S. 11 controls, the value at date of receipt by testamentary trustee from executor; held, further, that in the absence of plea estoppel, and on the facts, petitioner is entitled to deduct the basis of the stock from the sale price, though the basis had been recovered in an earlier year, as to which assessment is barred by limitation.
1Opinion of the Court
OPINION.
Disney :
This proceeding involves income tax liability for the calendar year 1932. The respondent determined a deficiency in the amount of $2,500.89. The petition alleged error in the entire amount and that there is overpayment in the amount of $1,057.23, but on brief petitioner admits a deficiency of $1,414.18. The principal question presented by the petition was whether the basic date for computing gain or loss upon corporate stock is the date of distribution to a testamentary trustee by an executor, or the date of distribution by the trustee to the petitioner, as legatee. It being…
2Cases cited3 opinions
- R. H. Stearns Co. v. United StatesSupreme Court of the United States · 1934
- Helvering v. SalvageSupreme Court of the United States · 1936
- Helvering v. GambrillSupreme Court of the United States · 1941
3Cited by4 opinions
- C. H. Leavell & Co. v. CommissionerUnited States Tax Court · 1969
- Krome v. CommissionerUnited States Tax Court · 1950
- C. H. Leavell & Co. v. CommissionerUnited States Tax Court · 1969
- Hollister v. CommissionerUnited States Board of Tax Appeals · 1941